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GBP/USD Grinds Higher; Under 1.5330 Triggers Reversal

GBP/USD Grinds Higher; Under 1.5330 Triggers Reversal

2015-02-24 19:38:00
Jamie Saettele, CMT, Sr. Technical Strategist
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GBP/USD Grinds Higher; Under 1.5330 Triggers Reversal

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-“A breakout from a 1 month inverse head and shoulders pattern is valid above today’s low (breakout day) but GBPUSD does face channel resistance at this level. The reversal pattern’s objective is 1.5494, which is in line with the December low at 1.5485.”

-The high is a few pips shy of the measured level. Three is also resistance up here from former lows. Beware a turn lower.

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